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  "documentTitle": "Cognizant Technology Solutions (CTSH)",
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  "authorName": "Jesse Cohn",
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  "presentationDate": "2016-11-28 00:00:00",
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      "text": "Cognizant maintains operating margins below HCL and Wipro, despite those being structurally lower margin businesses (low-to-mid 30% gross margin).",
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      "text": "Operating Margin: 18.0%",
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      "text": "The above chart indicates a truly astonishing lack of operating leverage given the change in the Company over the past 15 years.",
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      "text": "What is perhaps most striking is the level of consistency with which Cognizant has been able to purposefully inhibit any margin expansion beyond the 19%–20% band despite revenue growing exponentially.",
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      "text": "Source: Company filings. Note: Figures reflect last fiscal year financials.",
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      "text": "Margin Comparison - Large-Cap Indian IT Service Providers",
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